Avenues for EU action on citizenship and residence by investment schemes - European added value assessment

European added value assessment, European Parliamentary Research Service (EPRS)

159 Pages Posted: 16 Feb 2022

See all articles by Meena Fernandes

Meena Fernandes

Imperial College London

David de Groot

European Parliamentary Research Service; European Parliament

Cecilia Navarra

European Research Institute on Cooperative & Social Enterprise (EURICSE); Univeristà degli studi di Torino

Date Written: October 21, 2021

Abstract

Citizenship and residence by investment schemes allow third-country nationals to obtain residence or citizenship in a host country in exchange for a financial contribution. In the European Union (EU), at least 130 000 persons have taken advantage of such schemes, which have generated over €21.4billion in revenue for the countries concerned. This European added value assessment (EAVA) reviews the key issues raised by investment schemes and the possible legal bases on which the EU could act to address them. Several policy options are put forward that could be
implemented through amendments to existing EU legislation or by introducing new legislation. The policy options include: (1) Phasing out investment schemes in the EU; (2) Applying an EU-level tax on investment schemes; and (3) Regulating investment schemes. In addition, the assessment considers the introduction of minimum physical presence requirements on residence by investment schemes and regulating access to the EU for investor migrants from third countries. The policy options are assessed in terms of their potential consequences and impacts, subsidiarity, proportionality and the overall added value the EU might gain.

Keywords: nationality, EU citizenship

JEL Classification: K19, K33

Suggested Citation

Fernandes, Meena and de Groot, David and Navarra, Cecilia, Avenues for EU action on citizenship and residence by investment schemes - European added value assessment (October 21, 2021). European added value assessment, European Parliamentary Research Service (EPRS), Available at SSRN: https://ssrn.com/abstract=4034730

Meena Fernandes

Imperial College London

South Kensington Campus
Exhibition Road
London, Greater London SW7 2AZ
United Kingdom

David De Groot (Contact Author)

European Parliamentary Research Service ( email )

Brussels
Belgium

European Parliament ( email )

Bât. Altiero Spinelli
60 rue Wiertz / Wiertzstraat 60
Brussels, B-1047
Belgium

Cecilia Navarra

European Research Institute on Cooperative & Social Enterprise (EURICSE) ( email )

Via S. Giovanni 36
38122 Trento (TN)
Italy

Univeristà degli studi di Torino ( email )

Via Principe Amedeo, 34
10123 Torino
Italy

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